Bullish catalysts for crypto: • SEC's "Project Crypto" - bringing US markets onchain and allowing crypto builders to innovate with clear rules is not priced in • US citizens being able to invest in crypto using their 401(K)s - big source of new passive flows • Digital Asset Treasury bubble (or ponzi - choose your word) growing much bigger • Global interest rate cuts still to come, most notably from the Fed (traders pricing in a cut in September now) - the UK cut again today • GENIUS Act makes USD-backed stablecoins fully legal & regulated in the U.S, unlocking massive institutional adoption Higher.